The NZX saw five actual earnings results and nine trading updates or guidance releases land among 80 announcements this week, with sentiment tilted modestly positive across the board. The standout news was a profit warning from AOF, which withdrew full-year revenue guidance after US tariff impacts hit its Motors division, while VGL lifted its full-year revenue outlook on strong cloud adoption wins. Elsewhere, BGP reported a third straight quarter of sales growth and WCO detailed a recapitalisation plan alongside a leadership change.
Earnings Results
AoFrio Limited (AOF)
AoFrio's first-half result was the week's weakest, with revenue of NZ$33.8 million down 21.5% on the prior comparable period. The decline was driven by a sharp 50.5% drop in Motors revenue, which the company attributed to US tariff impacts and customers shifting to lower-cost alternatives. Net loss widened to NZ$2.12 million, a further deterioration of roughly 19.6% on the prior period's loss. There were some brighter spots: IoT revenue grew 6.8% to NZ$23.2 million, connected devices rose 15% to 3.68 million since December, and gross margin expanded 5.3 percentage points to 34.9% as the business mix shifted toward higher-margin IoT products. EBITDA improved modestly to NZ$0.9 million from NZ$0.7 million, aided by a NZ$1.2 million R&D tax credit claim. Management withdrew its full-year revenue improvement guidance and now expects revenue below 2025 levels, though EBITDA is expected to be broadly in line with FY25. The result follows recent commentary questioning the company's debt position, and a report noting AoFrio has seen no buyer interest despite sitting, in its own words, on the edge of expansion — a tension likely to draw continued scrutiny given the guidance withdrawal.
F&C Investment Trust (FCT)
F&C Investment Trust delivered a solid half-year result, with net asset value total return of 12.4% for the six months to 30 June 2026, running slightly behind its FTSE All-World benchmark of 12.6%. Share price total return of 12.8% modestly outpaced the benchmark. Revenue return per share rose 8.4% to 2.84p, supported by overseas dividend income of £64.7 million, while net assets grew to £6.86 billion from £6.17 billion at the end of 2025 on the back of £726 million in investment gains. The trust's revenue figure of NZ$69.7 million (as reported in NZD terms) was up 7.8% year-on-year, with NPAT of NZ$53.7 million, up 6.3%. The Board confirmed plans to extend its dividend growth streak to 56 consecutive years, declaring a first interim dividend of 0.99p per share. A separate procedural filing confirmed the half-year report has been lodged with the UK's National Storage Mechanism, with no additional metrics disclosed.
TruScreen Group (TRU)
TruScreen's update this week was procedural rather than financial: shareholders approved all eight resolutions at a Special Meeting held 31 July, including ratification of a prior placement of just under 110 million shares at NZ$0.014 and approval of further issuances totalling approximately 150.9 million shares at prices between NZ$0.013 and NZ$0.018. Broker options attracted the strongest support at 96.2%, while a resolution covering 22.5 million director options drew the most opposition, with roughly 20% of votes against. The capital raising activity follows recent coverage of the company's cervical screening technology showcase and its efforts to fund working capital through new share issues, underscoring the company's continued reliance on equity markets to fund operations. TruScreen also has an Annual Shareholders' Meeting scheduled for 1 September.
Fletcher Building (FBU)
Fletcher Building's release this week was a scheduling notice rather than a results announcement, confirming FY26 full-year results will be released before market open on 19 August, with an investor briefing to follow. No financial metrics were disclosed. The notice comes amid recent news of a NZ$60 million government deal for Golden Bay Cement, which has drawn some market attention ahead of the full results.
Trading Updates & Guidance
Vista Group International (VGL)
Vista Group raised its full-year 2026 revenue guidance to NZ$179-184 million, up from NZ$176-182 million, after first-half revenue grew 12% to NZ$86.3 million. The upgrade was supported by an expansion in contracted enterprise market share to 48% and a string of cloud adoption wins, including Cinépolis Mexico (504 sites), Cineworld UK (88 sites) and Cineplexx Europe (59 sites). Coverage this week noted the company's net loss is narrowing as it leans further into growth, and Vista featured among the NZX's biggest gainers following the announcement.
Briscoe Group (BGP)
Briscoe Group reported second-quarter sales of NZ$193.4 million, up 0.25%, and first-half sales of NZ$374.2 million, up 0.79% — its third consecutive quarter of positive growth. The retailer guided to first-half NPAT of not less than NZ$27 million, a result achieved despite what management described as challenging economic conditions and additional costs tied to a new distribution centre and SAP system implementation. Coverage this week framed the update positively, with New Zealand shares broadly higher on the back of the sales increase.
WasteCo Group (WCO)
WasteCo outlined a comprehensive turnaround and recapitalisation plan this week, including variations to its Kiwibank facilities extending maturity to May 2027, new equity raises, and asset sales to strengthen the balance sheet. The company also confirmed Brian Cohalan will take over as Chief Executive from 31 August, succeeding interim CEO Roger Gower, with Cohalan tasked with driving cost-cutting and operational improvements, including potential divestment of underperforming divisions. Two regional manager appointments were confirmed alongside the resignation of COO Stephen Towsen, effective 4 October. Recent commentary has questioned the health of WasteCo's balance sheet, consistent with the scale of the recapitalisation now underway.
2 Cheap Cars Group (2CC)
2 Cheap Cars reported unaudited NPAT of approximately NZ$1.7 million for the first quarter of FY27 (April-June), with monthly results running at NZ$0.5-0.6 million. However, the company flagged that July trading has softened, and declined to provide full-year earnings guidance, citing volatile conditions and an ongoing takeover offer. That takeover context is significant: recent reports indicate the company's directors are backing a bid from the majority shareholder to take the company private, which appears to be shaping both the tone and the caution of this update.
Other Notices
Several other companies issued forward-looking or administrative notices this week without new financial metrics. VSL confirmed its FY26 results will be released on 25 August, following earlier coverage of softer fiscal first-half adjusted earnings and an NZ$87 million entitlement offer to fund a strategic acquisition. ERD appointed David Leach, former Cin7 chief executive, as its new CEO effective October, on a base salary of NZ$595,000. GEN saw its finance subsidiary's credit rating upgraded to BB+ by Equifax, reflecting loan book growth and disciplined risk management. RGI received approval to begin a 9,000-metre exploration drill program at its Glamorgan Project in New Zealand's North Island.
Top Movers
Notable Shareholder Movements
Salt Funds Management was the standout name in this week's substantial holder notices, disclosing positions across four separate NZX-listed vehicles. The fund manager holds 5.448% of PCT (Precinct Properties), 5.62% of SPG (Stride Property) and 5.603% of NZM (NZME). More notably, Salt increased its stake in NZL (New Zealand Rural Land Company) from 7.483% to 9.926%, a meaningful uplift that suggests growing conviction in the rural land vehicle relative to its other property and media holdings.
Looking Ahead
Reporting season is set to intensify over the coming weeks, with Fletcher Building due to report on 19 August, Meridian Energy hosting its annual results briefing on 26 August, and Vulcan Steel confirming its FY26 results for 25 August. With several trading updates this week flagging softer trading conditions into the back half of the year — from AoFrio's tariff-driven guidance withdrawal to 2 Cheap Cars' cautious July commentary — market attention will likely focus on whether these pressures broaden across the wider market as more full-year results land in the weeks ahead.